Dogecoin (DOGE) is Riding the Wave of a Broader Crypto Market Upswing, Surpassing Key Resistance Levels and Positioning Itself for a Significant Breakout.

Dogecoin (DOGE) is riding the wave of a broader crypto market upswing, surpassing key resistance levels and positioning itself for a significant breakout.

Dogecoin (DOGE) price is heating up again as it trades above key resistance and sets sights on a potential breakout. In the broader crypto market uptrend, altcoins are preparing for another leg higher.

At the time of writing, DOGE is changing hands at $0.186099. The coin’s 24-hour trading volume is $3.57 billion, and its market cap is $27.60 billion, making it the 9th largest cryptocurrency with 0.96% of the total market dominance. In the past 24 hours, DOGE has surged 5.35%.

As seen on the chart by crypto trader Tardigrade, Dogecoin has been battling a descending trendline, meeting resistance despite several attempts to pierce through it. But the momentum is getting stronger.

Relative Strength Index (RSI) Breaks Out As MACD Shows Breakout Potential

According to the trader, the RSI has already broken out, showcasing the incredible strength in the coin’s price action. If this trend continues, then we could see a huge rally in DOGE.

Moreover, Dogecoin’s MACD indicator is heating up from a triangle consolidation, a pattern that usually leads to huge price swings. This technical factor suggests that a massive pump is imminent for DOGE if the buyers keep pushing.

Another crypto analyst, World Of Charts, is also noticing that Dogecoin is testing a crucial multi-resistance zone. A breakout from this level could lead to a potential 2x move from here, which is heating up optimism among traders.

If we zoom out, we can see that DOGE is still ranging in a huge Fib structure, which is presenting a potential 5x move from the recent lows.

Dogecoin Could Double From Here

With several indicators and fib levels aligning in DOGE’s favor and the broader market uptrend supporting its price action, it seems that the meme coin is on the verge of a major breakout.

If the coin manages to clear the resistance levels, then it could embark on a significant rally, potentially doubling its value in the near term.

As Bitcoin (BTC) price continues to drive the market, all eyes will be on Dogecoin, which could soon deliver another historic price run for its loyal community.